Energy Price Surge Pushes OECD Inflation to 4.3% in August

Annual inflation across countries belonging to the Organisation for Economic Co-operation and Development rose to 4.3% in August, the organisation said.

The increase was driven by a surge in energy prices, with rising fuel costs contributing to the upward pressure on consumer prices.

The annual figure measures the change in consumer prices compared with the same month a year earlier, rather than the increase from July to August.

The OECD’s announcement highlighted energy as a driver of the overall inflation rate across its members, rather than indicating that every member country recorded the same rise.